Mortgages

Complaints to Banking Ombudsman continue to fall

Complaints to the Banking Ombudsman continued to fall in during the first part of this year as full employment, rising property prices, and favourable economic conditions prevailed.

Monday, June 21st 2004

Banking Ombudsman Liz Brown said formal complaints received by her office in the first five months of this year were down 20 per cent compared to the same period last year.

Favourable economic conditions had undoubtedly contributed to the decrease in complaints," Ms Brown said in a newsletter.

"In the past a substantial number of complaints have come from bank customers who were having difficulty managing debt, and we are seeing fewer of this type of complaint."

Ms Brown said there had been a decline in most types of complaints for the past two years but overall, complaint numbers remained high because of "an influx of complaints about investment products in 2002 and 2003".

However as the performance of managed funds and other investment products with a shares component improved, "these complaints slowed to a trickle and the underlying trend became apparent."

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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